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Terrace Energy provides corporate update on financial and operation activities


Published Apr 3, 2013
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Terrace Energy Corp

Terrace Energy Corp. provides the following update to shareholders.

The Company has received TSX Venture Exchange approval of the non-brokered private placement of convertible notes in the aggregate amount of $25 million (the "Notes"). All required documentation has been completed and the Company expects to close the private placement on Tuesday, April 2, 2013. Net proceeds from the sale of the Notes will be primarily used to fund the Company's unconventional oil & gas projects.

The Company was unable to conclude definitive agreements with LG in the time available, which, as previously disclosed, was a condition of closing. There are no assurances the Company will continue negotiations or conclude any agreement with LG regarding financing in the future.

Tags: Terrace Energy



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